{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\2 Summary\Summary0.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 09:24:07
{txt}
{com}. /* Step 1: List of countries */
> 
> /* Load data */
> 
> u year country country_Name country_group country_Ieuro type Iycountry
>         if !inlist(country,"_CR","_OC") & type==3 & Iycountry
>         using "../1 Data/Data4", clear;
{txt}
{com}. /* Construct variables */
> 
> egen year_min = min(year), by(country);
{txt}
{com}. egen year_max = max(year), by(country);
{txt}
{com}. /* Keep one observation per country */
> 
> keep if year==year_max;
{txt}(603 observations deleted)

{com}. /* Output table */
> 
> gsort country_group -country_Ieuro country_Name;
{txt}
{com}. l country_group country_Name year_min year_max, noobs clean;
{txt}
    {res}           country_group     country_Name   year_min   year_max {txt} 
    {res}            DM: Americas           Canada       2003       2020 {txt} 
    {res}            DM: Americas    United States       2003       2020 {txt} 
    {res}DM: Europe & Middle East          Austria       2003       2020 {txt} 
    {res}DM: Europe & Middle East          Belgium       2003       2020 {txt} 
    {res}DM: Europe & Middle East          Finland       2003       2020 {txt} 
    {res}DM: Europe & Middle East           France       2003       2020 {txt} 
    {res}DM: Europe & Middle East          Germany       2003       2020 {txt} 
    {res}DM: Europe & Middle East            Italy       2003       2020 {txt} 
    {res}DM: Europe & Middle East      Netherlands       2003       2020 {txt} 
    {res}DM: Europe & Middle East         Portugal       2003       2020 {txt} 
    {res}DM: Europe & Middle East            Spain       2003       2020 {txt} 
    {res}DM: Europe & Middle East          Denmark       2003       2020 {txt} 
    {res}DM: Europe & Middle East           Israel       2003       2020 {txt} 
    {res}DM: Europe & Middle East           Norway       2003       2020 {txt} 
    {res}DM: Europe & Middle East           Sweden       2003       2020 {txt} 
    {res}DM: Europe & Middle East      Switzerland       2003       2020 {txt} 
    {res}DM: Europe & Middle East   United Kingdom       2003       2020 {txt} 
    {res}             DM: Pacific        Australia       2003       2020 {txt} 
    {res}             DM: Pacific        Hong Kong       2003       2020 {txt} 
    {res}             DM: Pacific            Japan       2003       2020 {txt} 
    {res}             DM: Pacific      New Zealand       2003       2020 {txt} 
    {res}             DM: Pacific        Singapore       2003       2020 {txt} 
    {res}                      EM           Greece       2003       2020 {txt} 
    {res}                      EM           Brazil       2003       2020 {txt} 
    {res}                      EM            China       2015       2020 {txt} 
    {res}                      EM         Colombia       2007       2020 {txt} 
    {res}                      EM   Czech Republic       2003       2020 {txt} 
    {res}                      EM          Hungary       2003       2020 {txt} 
    {res}                      EM            India       2004       2020 {txt} 
    {res}                      EM         Malaysia       2005       2020 {txt} 
    {res}                      EM           Mexico       2003       2020 {txt} 
    {res}                      EM      Philippines       2009       2020 {txt} 
    {res}                      EM           Poland       2003       2020 {txt} 
    {res}                      EM           Russia       2004       2020 {txt} 
    {res}                      EM     South Africa       2003       2020 {txt} 
    {res}                      EM      South Korea       2003       2020 {txt} 
    {res}                      EM         Thailand       2003       2020 {txt} 

{com}. /* Step 2: Summary of financial markets */
> 
> /* Load data */
> 
> u year Name group Ieuro type amount Iown I_CR Iycounterpart
>         using "../1 Data/Data4", clear;
{txt}
{com}. /* Construct variables */
> 
> egen market = total(amount), missing by(year Name type);
{txt}
{com}. /* Share domestic owned */
> 
> egen domestic = total(amount/market*Iown), missing by(year Name type);
{txt}
{com}. drop Iown;
{txt}
{com}. /* Share in currency reserves */
> 
> egen reserve = total(amount/market*I_CR), missing by(year Name type);
{txt}
{com}. drop amount I_CR;
{txt}
{com}. /* Keep one observation per country */
> 
> keep if year==2020 & Iycounterpart;
{txt}(67,648 observations deleted)

{com}. /* Output table */
> 
> gsort type group -Ieuro Name;
{txt}
{com}. by type: l group Name market domestic reserve, noobs clean;

{txt}{hline}
-> type = Short-term debt

    {res}                   group             Name      market    domestic     reserve {txt} 
    {res}            DM: Americas           Canada   520.86499   .88971031   .06309296 {txt} 
    {res}            DM: Americas    United States    5488.576   .91697675   .04477147 {txt} 
    {res}DM: Europe & Middle East          Austria   17.544564    .1518878   .64997096 {txt} 
    {res}DM: Europe & Middle East          Belgium   121.13743   .68868078   .11101773 {txt} 
    {res}DM: Europe & Middle East          Finland   69.073631   .59656739    .1593831 {txt} 
    {res}DM: Europe & Middle East           France   627.91601   .79377561   .11717916 {txt} 
    {res}DM: Europe & Middle East          Germany   321.26564   .42637457   .33901101 {txt} 
    {res}DM: Europe & Middle East            Italy   167.53023   .61501126   .01001989 {txt} 
    {res}DM: Europe & Middle East      Netherlands   67.325883   .40079716   .24551599 {txt} 
    {res}DM: Europe & Middle East         Portugal   25.702473   .59607449   .01072783 {txt} 
    {res}DM: Europe & Middle East            Spain   194.96783   .64538563   .12182161 {txt} 
    {res}DM: Europe & Middle East          Denmark   48.440207   .58074125   .28585838 {txt} 
    {res}DM: Europe & Middle East           Israel   28.502921   .90366263   .00993516 {txt} 
    {res}DM: Europe & Middle East           Norway   29.819894   .59959782   .07529094 {txt} 
    {res}DM: Europe & Middle East           Sweden   122.96256   .54933686   .07447747 {txt} 
    {res}DM: Europe & Middle East      Switzerland   115.13287   .75566907   .16463776 {txt} 
    {res}DM: Europe & Middle East   United Kingdom   340.77378    .8406607   .03906768 {txt} 
    {res}             DM: Pacific        Australia   202.25916   .89287634   .04331996 {txt} 
    {res}             DM: Pacific        Hong Kong    12.93199   .40092487   .05704731 {txt} 
    {res}             DM: Pacific            Japan   1889.2016   .74255649   .11545027 {txt} 
    {res}             DM: Pacific      New Zealand    8.661976   .71427537   .09703344 {txt} 
    {res}             DM: Pacific        Singapore   41.439288   .03678556   .39021365 {txt} 
    {res}                      EM           Greece   15.951343   .70515634   .00448934 {txt} 
    {res}                      EM           Brazil   399.11267   .97703605   .00236549 {txt} 
    {res}                      EM            China   455.24004   .80073967   .00839347 {txt} 
    {res}                      EM         Colombia   26.728046   .99244318   .00009351 {txt} 
    {res}                      EM   Czech Republic   28.294775   .00001767   .00081345 {txt} 
    {res}                      EM          Hungary   6.8522408   .99057422   .00142995 {txt} 
    {res}                      EM            India    326.2799   .97702513    .0022583 {txt} 
    {res}                      EM         Malaysia   18.030125   .82993045   .01272398 {txt} 
    {res}                      EM           Mexico   94.151187   .95831811   .00363375 {txt} 
    {res}                      EM      Philippines    16.94112   .98561119   .00169884 {txt} 
    {res}                      EM           Poland   42.368184   .98968159   .00266285 {txt} 
    {res}                      EM           Russia   9.3944541   .42428848   .10007722 {txt} 
    {res}                      EM     South Africa   45.297286    .9754736   .00652409 {txt} 
    {res}                      EM      South Korea   308.94048   .92401666   .03285618 {txt} 
    {res}                      EM         Thailand   75.166021    .9762702   .00292503 {txt} 

{hline}
-> type = Long-term debt

    {res}                   group             Name      market    domestic     reserve {txt} 
    {res}            DM: Americas           Canada   2521.9382   .77252854   .05397445 {txt} 
    {res}            DM: Americas    United States     41070.4   .83966507   .05430811 {txt} 
    {res}DM: Europe & Middle East          Austria   558.52926   .49030556   .08469685 {txt} 
    {res}DM: Europe & Middle East          Belgium   1151.8208   .62128865   .06262311 {txt} 
    {res}DM: Europe & Middle East          Finland   383.56635     .428355   .09292829 {txt} 
    {res}DM: Europe & Middle East           France   5064.7096   .64522756   .07063768 {txt} 
    {res}DM: Europe & Middle East          Germany   4341.6881   .57786282   .13194582 {txt} 
    {res}DM: Europe & Middle East            Italy   3748.9734   .78094067   .00216319 {txt} 
    {res}DM: Europe & Middle East      Netherlands   1234.8898   .44700371   .08091598 {txt} 
    {res}DM: Europe & Middle East         Portugal   336.35861   .69307795   .00460898 {txt} 
    {res}DM: Europe & Middle East            Spain   2620.7663   .66107208   .04051824 {txt} 
    {res}DM: Europe & Middle East          Denmark   670.49948   .74799987   .02061245 {txt} 
    {res}DM: Europe & Middle East           Israel   508.91266   .90074554    .0036399 {txt} 
    {res}DM: Europe & Middle East           Norway   224.27662   .19468895   .10703137 {txt} 
    {res}DM: Europe & Middle East           Sweden   428.45743   .46089121   .05328417 {txt} 
    {res}DM: Europe & Middle East      Switzerland   907.79166   .87506293   .03243117 {txt} 
    {res}DM: Europe & Middle East   United Kingdom   4163.0644   .84431259   .04113897 {txt} 
    {res}             DM: Pacific        Australia   1823.9787   .71311734   .04284855 {txt} 
    {res}             DM: Pacific        Hong Kong   55.072719   .11411331   .01869706 {txt} 
    {res}             DM: Pacific            Japan   13467.385   .96351455   .01209776 {txt} 
    {res}             DM: Pacific      New Zealand   124.91184   .75661392   .02369751 {txt} 
    {res}             DM: Pacific        Singapore   225.16348   .65753157   .03179867 {txt} 
    {res}                      EM           Greece   133.53581   .86131058   .00625637 {txt} 
    {res}                      EM           Brazil   1433.7464   .89786994   .00386728 {txt} 
    {res}                      EM            China   17358.558   .97088496   .00029349 {txt} 
    {res}                      EM         Colombia   185.19169    .8111774   .00023663 {txt} 
    {res}                      EM   Czech Republic   94.961778   .54497106   .00177146 {txt} 
    {res}                      EM          Hungary   106.87329   .78644676   .00047104 {txt} 
    {res}                      EM            India   2026.7676   .96551549    .0011527 {txt} 
    {res}                      EM         Malaysia     341.513   .84395009   .00054405 {txt} 
    {res}                      EM           Mexico    591.4654   .77812939   .00340948 {txt} 
    {res}                      EM      Philippines   94.359038    .7772634   .00168488 {txt} 
    {res}                      EM           Poland   300.95892   .76824334     .001106 {txt} 
    {res}                      EM           Russia   297.90611   .68691503   .01205555 {txt} 
    {res}                      EM     South Africa   195.57893    .7489279   .00844827 {txt} 
    {res}                      EM      South Korea   2103.0053   .91847415   .01811158 {txt} 
    {res}                      EM         Thailand   338.06352   .91646076   .00083613 {txt} 

{hline}
-> type = Equity

    {res}                   group             Name      market    domestic     reserve {txt} 
    {res}            DM: Americas           Canada   6514.5493   .86834543    .0015724 {txt} 
    {res}            DM: Americas    United States   55622.725   .86986009   .00405284 {txt} 
    {res}DM: Europe & Middle East          Austria   282.38465   .78586112   .00107572 {txt} 
    {res}DM: Europe & Middle East          Belgium   1738.5613   .92878767   .00069101 {txt} 
    {res}DM: Europe & Middle East          Finland   678.38938   .78477782   .00265598 {txt} 
    {res}DM: Europe & Middle East           France   10614.035   .89116126   .00182004 {txt} 
    {res}DM: Europe & Middle East          Germany   3671.7601   .57161293   .00436416 {txt} 
    {res}DM: Europe & Middle East            Italy   2384.1603   .88798197   .00131274 {txt} 
    {res}DM: Europe & Middle East      Netherlands   6056.5851   .80382937   .00126258 {txt} 
    {res}DM: Europe & Middle East         Portugal   385.90393   .91927858   .00058559 {txt} 
    {res}DM: Europe & Middle East            Spain   2229.4918   .87511489   .00138971 {txt} 
    {res}DM: Europe & Middle East          Denmark   1705.2843   .84648929   .00164444 {txt} 
    {res}DM: Europe & Middle East           Israel   660.40132   .85657595      .00003 {txt} 
    {res}DM: Europe & Middle East           Norway   1037.6571   .90506672   .00067613 {txt} 
    {res}DM: Europe & Middle East           Sweden   3019.0553   .88266907   .00113817 {txt} 
    {res}DM: Europe & Middle East      Switzerland   3746.8108   .75412413    .0014168 {txt} 
    {res}DM: Europe & Middle East   United Kingdom   6666.0902   .76281618   .00274702 {txt} 
    {res}             DM: Pacific        Australia   1763.2644   .73487427   .00371392 {txt} 
    {res}             DM: Pacific        Hong Kong   2454.2083   .81310095   .00051195 {txt} 
    {res}             DM: Pacific            Japan     12171.7   .86895971   .00283606 {txt} 
    {res}             DM: Pacific      New Zealand   1029.9664   .96100333   .00039862 {txt} 
    {res}             DM: Pacific        Singapore   887.09656   .82142176   .00079769 {txt} 
    {res}                      EM           Greece   182.36593   .91387333   3.132e-07 {txt} 
    {res}                      EM           Brazil   2398.8035   .91165953   .00003101 {txt} 
    {res}                      EM            China   15002.008   .77260056   .00012969 {txt} 
    {res}                      EM         Colombia   483.26817   .98845539   2.185e-07 {txt} 
    {res}                      EM   Czech Republic   106.14188   .97831386   .00019703 {txt} 
    {res}                      EM          Hungary   104.08491   .88892267           0 {txt} 
    {res}                      EM            India    2354.165   .80160129   9.978e-06 {txt} 
    {res}                      EM         Malaysia     447.393   .89321075   .00020049 {txt} 
    {res}                      EM           Mexico   1313.2745   .93721348   .00037548 {txt} 
    {res}                      EM      Philippines   260.52174   .87838224   9.087e-07 {txt} 
    {res}                      EM           Poland   254.73986   .91286605   .00005375 {txt} 
    {res}                      EM           Russia   3039.2663   .95950118   .00002475 {txt} 
    {res}                      EM     South Africa   1105.3874   .90548921   .00015604 {txt} 
    {res}                      EM      South Korea   3146.7453   .84828777   .00013215 {txt} 
    {res}                      EM         Thailand   538.39964   .86409095   .00003966 {txt} 


{com}. /* Step 3: Top 10 investor countries */
> 
> /* Load data */
> 
> u year country_Name type wealthA Iycountry
>         if year==2020 & Iycountry
>         using "../1 Data/Data4", clear;
{txt}
{com}. /* Output table */
> 
> gsort type -wealthA;
{txt}
{com}. by type: l country_Name wealthA if _n<=10, noobs clean;

{txt}{hline}
-> type = Short-term debt

    {res}  country_Name     wealthA {txt} 
    {res} United States    5423.326 {txt} 
    {res}         Japan   1443.6445 {txt} 
    {res}      Reserves     1024.55 {txt} 
    {res}        France   827.17432 {txt} 
    {res}United Kingdom   496.00507 {txt} 
    {res}        Canada   470.69085 {txt} 
    {res}         China    439.8867 {txt} 
    {res}        Brazil   395.02145 {txt} 
    {res}         India   324.92914 {txt} 
    {res}   South Korea    301.0281 {txt} 

{hline}
-> type = Long-term debt

    {res}  country_Name     wealthA {txt} 
    {res} United States   38283.359 {txt} 
    {res}         China   17331.445 {txt} 
    {res}         Japan   16205.861 {txt} 
    {res}United Kingdom   5752.0773 {txt} 
    {res}       Germany   5513.3127 {txt} 
    {res}        France   5489.5546 {txt} 
    {res}      Reserves    4951.514 {txt} 
    {res}         Italy   3721.4596 {txt} 
    {res}        Canada   2978.6071 {txt} 
    {res}   South Korea   2350.0093 {txt} 

{hline}
-> type = Equity

    {res}  country_Name     wealthA {txt} 
    {res} United States   56324.078 {txt} 
    {res}         Japan   12424.459 {txt} 
    {res}         China    11952.05 {txt} 
    {res}        France   10375.541 {txt} 
    {res}        Canada   7361.0005 {txt} 
    {res}United Kingdom   6800.3804 {txt} 
    {res}   Netherlands   5971.4958 {txt} 
    {res}       Germany    3392.653 {txt} 
    {res}   Switzerland   3390.1039 {txt} 
    {res}     Hong Kong   3239.7604 {txt} 


{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\2 Summary\Summary0.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 09:24:07
{txt}{.-}
{smcl}
{txt}{sf}{ul off}